When saving for retirement, many?often ask which account they should be making contributions to ?? a traditional IRA or a Roth IRA?? The answer depends on several different factors that should be considered and discussed.??
To assist in this conversation, we have prepared the ?Should I Contribute To My Roth IRA Versus My Traditional IRA?? flowchart.? This flowchart considers:
- Eligibility to deduct contributions to a traditional IRA
- Eligibility to make contributions to a Roth IRA
- Current tax rates vs. future tax rates
- Ability to max out the contributions
- RMD impact